Bascom Closes a 207-Unit Apartment Community in Atlanta, Georgia for $8,100,000

IRVINE, Calif., Feb. 2, 2012 /PRNewswire/ -- The Bascom Group, LLC, in joint venture with BRT Realty Trust, has acquired Ivy Ridge, a 207-unit community located in Marietta, Georgia for $8,100,000. The purchase price represented a 47% discount to the seller's prior total cost basis and a 29% discount to the seller's loan balance. 

Bascom worked with Jeff Gould and Lonnie Halpern from BRT Realty Trust for the equity financing. Debt financing was arranged by Gary E. Mozer and Josh Roseman from George Smith Partners. Kevin Geiger, Brad Simmel, and Shea Campbell from CBRE represented the seller for the transaction.

Commented Chad Sanderson, Principal for Bascom, "This represents another acquisition in the Atlanta metro of a distressed, lender-driven sale. Although the Class B and C properties have been hit hard by unemployment and the broader economic challenges in Atlanta, we are bullish on the prospects for a recovery over the next five years." Jerome Fink, Managing Partner of Bascom, added, "Ivy Ridge is the eighth new acquisition that we have completed in the past 18 months. Ivy is a great example of what we are targeting: properties with solid in place numbers with additional value add potential."

Ivy Ridge consists of 100% two and three-bedroom units with large floor plans that have an average unit size of approximately 1,361 square feet. Unit interiors feature private balconies and patios, walk-in closets, washer/dryer connections, and attractive hardwood vinyl flooring. Built in 1973, the property is spread over approximately 17.31 acres and offers a full amenity package, which includes a pool, fitness center, laundry room, and children's playground.

Ivy Ridge enjoys a convenient location right off of Delk Road with proximate access to the I-285 and I-75, allowing for excellent accessibility to all of metro Atlanta. The property sits less than three miles from Cumberland Mall as well as a wide array of retail and office developments. The Cumberland/Galleria area is Atlanta's second-largest office market and is home to the world headquarters of many large companies such as Home Depot, Coca Cola Enterprises, and GE Energy.

Photo: http://www.ereleases.com/pic/2012-Ivy-Ridge.jpg

About The Bascom Group, LLC:

The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate-related investments and operating companies. Bascom sources value-added and distressed properties, including many through foreclosure, bankruptcy, or short sales, and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996, including more than 200 multifamily properties and 55,000 units. Bascom currently ranks among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S.  

About BRT Realty Trust:

BRT Realty Trust is a business trust organized in Massachusetts. In addition to originating and holding for investment short-term senior mortgage loans secured by commercial and multi-family real estate, BRT Realty Trust invests with partners in the acquisition of real estate throughout the United States.  

For additional financial and descriptive information on BRT Realty Trust, its operations and its portfolio, please refer to its website at: http://www.BRTRealty.com.

If you'd like to schedule an interview with one of the partners, please call Chad Sanderson (949-955-0888 ext 23) or e-mail at [email protected].

This press release was issued through eReleases(R).  For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE The Bascom Group, LLC